Business sentiment in the local automobile industry has plunged to an eight-year low
due to concerns over continued labor strikes and China's economic retaliation against Seoul's
deployment of a U.S. missile defense system.
The Bank of Korea says its business survey index in the automobiles sector tumbled to
59 in October,... down 13 points from the previous month... and recording its lowest
level since 2009.
A reading below 100 means there are more pessimists than optimists.
Only the electronics and chemical sectors had a reading above 100... on strong semiconductor
exports and premium smartphone releases.
Sentiment is so good in the electronics sector that the reading soared eight points from
the previous month to 107... the highest level in seven years.
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